The Fed's predictive history is so horrible at this point, its bankers so manifestly incompetent, its results so dismal, that there are not many ways to defend it at the moment. This is one of the reasons that as an elite promotion it has probably run its course. When modern central banking was "new" – early in the 20th century – there was little anyone could do to combat the "common sense" of building a bank of last resort. But now there is a substantive track record behind this concept, one that allows us to say (regardless of the larger economic illiteracy) that it simply doesn't work...
Central banking doesn't work. No one, not even the smartest person in the world, not even Ben Bernanke, can fix the value and quantity of money for the larger marketplace. Articles like this one in the Washington Post – well written and perceptive as they are – cannot hide this fundamental point. And thanks to the Internet, we have the intellectual resources to formulate for ourselves what is wrong and to try and put it right. We would humbly suggest, as we often do, a free-market money system, hopefully built on free banking, gold and silver, Real Bills and market-competition. Let the best money solutions win. What's so hard about that?
read the essay
No comments:
Post a Comment